Sri Lotus Developers Gets SEBI Nod for ₹792 Crore IPO, Bolstered by Celebrity Investments

Sri Lotus Developers and Realty has received SEBI's approval for a ₹792 crore IPO, with significant investments from Bollywood stars like Amitabh Bachchan and Shah Rukh Khan.

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Sri Lotus Developers Gets SEBI Nod for ₹792 Crore IPO, Bolstered by Celebrity Investments

Real Estate Mumbai:NEW DELHI: Sri Lotus Developers and Realty has received final approval from the Securities and Exchange Board of India (SEBI) to raise Rs 792 crore through an initial public offering (IPO). The company had filed its IPO papers with SEBI on December 24, 2024. The IPO, with a face value of Re 1, is a fresh issue of shares up to Rs 792 crore with no offer-for-sale component.

Amitabh Bachchan, Shah Rukh Khan, Ajay Devgn, Hrithik Roshan, Sara Ali Khan, Ektaa Kapoor, Tiger Shroff, and Rajkumar Rao have all recently bought small stakes in the company. This celebrity endorsement has significantly bolstered investor confidence in the firm.

In December, the company raised approximately ₹400 crore through a private placement of 26.61 million shares at Rs 150 per share. Amitabh Bachchan purchased around 6.7 lakh shares for Rs 10 crore, while the Shah Rukh Khan Family Trust acquired about 6.75 lakh shares for Rs 10.1 crore. Other notable investors include Hrithik Roshan, who bought 70,000 shares for slightly over Rs 1 crore. Ashish Kacholia purchased 33.33 lakh shares for Rs 50 crore.

The proceeds from the fresh issue to the extent of ₹550 crore will be used for investment in its subsidiaries, Richfeel Real Estate, Dhyan Projects, and Tryksha Real Estate, for part-funding development and construction costs of its ongoing projects. As of November 30, 2024, the company has three completed projects, six ongoing projects, and seven upcoming projects.

The company's revenue from operations increased by 176.61% from ₹166.87 crore in FY23 to ₹461.57 crore in FY24. Profit after tax increased by 635.57% from ₹16.29 crore in FY23 to ₹119.81 crore in FY24. For the six months ended September 30, 2024, revenue from operations stood at ₹243.42 crore, and profit after tax stood at ₹90.63 crore.

Monarch Networth Capital and Motilal Oswal Investment Advisors are the book-running lead managers, and KFin Technologies is the registrar of the issue. This IPO marks a significant milestone for Sri Lotus Developers and Realty, positioning it for further growth and expansion in the real estate sector.

Frequently Asked Questions

What is the total amount Sri Lotus Developers and Realty is raising through its IPO?

Sri Lotus Developers and Realty is raising Rs 792 crore through its IPO.

Who are some of the celebrity investors in Sri Lotus Developers and Realty?

Amitabh Bachchan, Shah Rukh Khan, Ajay Devgn, Hrithik Roshan, Sara Ali Khan, Ektaa Kapoor, Tiger Shroff, and Rajkumar Rao are some of the celebrity investors in Sri Lotus Developers and Realty.

How much did the company's revenue increase from FY23 to FY24?

The company's revenue from operations increased by 176.61% from ₹166.87 crore in FY23 to ₹461.57 crore in FY24.

What will the proceeds from the IPO be used for?

The proceeds from the fresh issue to the extent of ₹550 crore will be used for investment in its subsidiaries, Richfeel Real Estate, Dhyan Projects, and Tryksha Real Estate, for part-funding development and construction costs of its ongoing projects.